India Politics

GST Bills Passed by Rajya Sabha, implementation from July 1

GST Bills Passed by Rajya Sabha, implementation from July 1

Thursday saw the upper house of Parliament, Rajya Sabha, pass legislation to implement the much debated and more awaited Goods and Services Tax (GST). The bill is set to be put in action from the target date of July 1. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were passed by Rajya Sabha on Thursday after being returned once facing opposition. However on Thursday, the house passed the bill without any amends.

The next step here shall be all the states passing the GST bill in their own legislative assemblies after which a new indirect tax scheme shall be initiated. The tax scheme shall be discussed and decided by the GST council which has proposed a four slab structure as of now.

This bill after implementation is expected to bring benefits to the revenue of Centre, States, industry and trade. The bill has been supported by all the parties and even Mr. Jaitley confirmed that it was a collective property giving their predecessors UPA government their due credit. The bill also received ex Prime Minister Manmohan Singh’s go ahead on the floor as Mr. Jaitley after giving his comments on the bill proceeded to shake hands with Mr. Singh.

While it is a long way ahead, the GST bill is supposed to be the biggest reform in Indirect Tax regime in the nation since independence paving way to one nation one tax era.

About the author

Shruti Bhatt

Shruti Bhatt is an engineering graduate, consumed with her passions day in and day out. An avid moviemaniac, a foodie, a bibliophile, and coffee-fashion-music enthusiast, Ms. Bhatt is on the way of becoming a raconteur - the word she is most fascinated with.

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